Yanfolila Gold Project Grade Control

RNS Number : 8039S

Hummingbird Resources PLC

13 July 2015

 

Hummingbird Resources plc / Ticker: HUM / Index: AIM / Sector: Mining

13 July 2015

Hummingbird Resources plc ('Hummingbird' or 'the Company')

 

Grade increase over grade control orientation panel at

Komana East pit at Yanfolila Gold Project, Mali

Hummingbird Resources plc (AIM: HUM), the West African gold exploration and development company, is pleased to announce a positive update from grade control orientation drilling at the Komana East pit, the first area to be targeted for mining at the Company's 1.8 million ounce Yanfolila Gold Project ('Yanfolila' or 'the Project') in Mali.  Yanfolila is being developed as a high-grade, low cost gold mine with first production targeted for 2016.

Highlights

·     68% higher grade of 5.24 g/t compared to the entire Komana East pit that averages 3.12 g/t

·     15% increase in the like for like grade over the grade control orientation panel to 5.24 g/t Au

·     Confirms high grade zone of 12,200 tonnes at 7.7g/t Au

·     Confirms consistent mineralised host rock unit and mineralisation control throughout the southern mineable area of the Komana East pit

·     Komana East contains 332,500 recovered ozs in current mine plan before the impact of positive grade control interpretation

Dan Betts, CEO of Hummingbird Resources, said: "The analysis of the infill drilling taken from a section of the first year mining pit at Komana East has shown a consistent increase in grade.  This is excellent news, and if continuous throughout the pit could provide significant economic upside to the already robust project credentials of Yanfolila.  We intend to execute a close spaced grade control drill programme across the deposit to confirm these higher grades, prior to the commencement of mining. 

"On a wider level, plant earthworks are ongoing at Yanfolila and we look forward to updating the market further as we develop Yanfolila as a leading high grade, low cost gold mining project in West Africa."

Komana East Grade Control Orientation Drilling Reconciliation

Model	Tonnes	G/t	Ozs	G/t var %	Ozs var %
Mineral Resource at Optimisation Study over Grade Control Panel	19,500	4.57	2,870
Grade Control Orientation (5x5m)	19,800	5.24	3,330	15%	16%

*Full drill results can be found in the appendix, 0.9g/t cut off used.

Komana East Grade Control Orientation Drilling Interpretation

Grade Control ('GC') orientation drilling was completed over a 40m long panel at 5x5m intervals within the Phase 1 and first year mining volume.  35 holes for 1,004.13m of drilling were completed covering 30 vertical metres (3 benches).  This GC orientation drilling has given mining-level confidence (equivalent to a Proven reserve) to the existing mineral resources delineated.  The  GC orientation drill results indicate the continuous nature of the higher grade zones within the mineral resource model and it has led to a 15% increase in the grade and an extra 16% additional gold ounces within the GC drilling study area.  Further drilling will be required to confirm this potential resource increase and for the time being cannot be relied upon for economic purposes.

Please click on the following link to view figures 1 & 2 showing 3-D resource model of the grade control orientation panel.

http://www.rns-pdf.londonstockexchange.com/rns/8039S_-2015-7-10.pdf

Competent Persons Statement

The information in this document is based on information reviewed by Mr Murray Paterson who is a Member of the Australian Institute of Mining and Metallurgy. Mr Paterson is a consultant to the Company and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Accordingly, Mr Paterson is a Qualified Person in accordance with the guidance note for Mining, Oil & Gas Companies issued by the London Stock Exchange in respect of AIM Companies. Mr Paterson consents to the inclusion in this document of the matters based on his information in the form and context in which it appears.

Table 1 Drilling results at Komana East deposit:

Calculated at 0.5 g/t Au lower cut-off and Uncut high grade					Drill collar information
Hole ID	From (m)	To (m)	Interval (m)	Grade (g/t Au)	EUTM Survey	NUTM Survey	RL Survey	DIP	AZ	EOH (m)
KOMANA EAST GRADE CONTROL
KEGRC0002	12	20	8	11.29	566000	1243715	367	-55	270	20
KEGRC0003	19	24	5	9.08	566010	1243715	367	-55	270	35
	27	28	1	3.48
KEGRC0004	12	13	1	0.59	566015	1243715	367	-55	270	40
	25	32	7	7.68
KEGRC0005	13	18	5	5.78	566000	1243720	367	-55	270	20
KEGRC0006	18	29	11	8.22	566010	1243720	367	-55	270	35
KEGRC0007	0	1	1	0.89	566000	1243725	367	-55	270	21
	14	15	1	1.55
KEGRC0008	13	25	12	3.99	566005	1243725	367	-55	270	27
KEGRC0009	19	30	11	6.71	566010	1243725	367	-55	270	35
	32	33	1	0.52
KEGRC0010	14	19	5	2.71	566000	1243730	367	-55	270	20
KEGRC0011	13	14	1	0.89	566010	1243730	367	-55	270	35
	19	26	7	8.52
KEGRC0012	15	16	1	0.56	566000	1243735	367	-55	270	26
KEGRC0013	13	20	7	11.64	566005	1243735	367	-55	270	30
KEGRC0014	0	1	1	0.65	566010	1243735	367	-55	270	36
	12	13	1	0.79
	20	31	11	4.07
KEGRC0015	12	13	1	0.85	565995	1243740	367	-55	270	24
KEGRC0016	15	17	2	8.27	566000	1243740	367	-55	270	24
KEGRC0017	14	15	1	0.89	566010	1243740	367	-55	270	36
	19	32	13	6.49
KEGRC0018	0	2	2	0.58	565995	1243745	367	-55	270	23
KEGRC0019	14	16	2	2.4	566000	1243745	368	-55	270	20
KEGRC0020	14	23	9	4.35	566005	1243745	367	-55	270	28
	26	27	1	0.56
KEGRC0021	0	1	1	0.6	566010	1243745	367	-55	270	35
	19	35	16	6.72
KEGRC0022	14	15	1	0.78	565995	1243750	368	-55	270	27
KEGRC0023	0	1	1	0.57	566000	1243750	368	-55	270	24
	7	8	1	0.9
	13	19	6	1.34
KEGRC0024	17	31	14	4.83	566010	1243750	367	-55	270	35
	33	34	1	0.5
KEGRC0025	0	1	1	0.62	566015	1243750	367	-55	270	40
	25	37	12	2.31
KEGRC0026	12	13	1	0.51	565995	1243755	368	-55	270	30
KEGRC0027	13	17	4	1.98	566000	1243755	368	-55	270	24
KEGRC0028	12	22	10	4.73	566005	1243755	368	-55	270	29
KEGRC0029	12	13	1	1.38	566010	1243755	368	-55	270	35
	18	29	11	3.62
KEGRC0030	24	33	9	16.33	566015	1243755	368	-55	270	40
	36	40	4	1.73
KEGDD0031	13	14	1	0.62	566005	1243715	367	-55	270	27
	18	23	5	14.75
KEGDD0032	15	23	8	9.83	566005	1243720	367	-55	270	28.5
	24	25	1	0.79
KEGDD0033	14	23	9	1.42	566005	1243730	367	-55	270	25.5
KEGDD0034	14	21	7	4.03	566005	1243740	367	-55	270	27.13
KEGDD0035	14	22.5	8.5	2.56	566005	1243750	367	-55	270	29

**ENDS**

Enquiries:

Daniel Betts Thomas Hill Robert Monro	Hummingbird Resources plc	Tel: [phone]
Stewart Dickson  Jeremy Stephenson	Cantor Fitzgerald Europe Nominated Adviser and Joint Broker	Tel: [phone]
Jon Belliss	Beaufort Securities Limited Joint Broker	Tel: [phone]
Lottie Brocklehurst Felicity Winkles Hugo de Salis	St Brides Partners Ltd Financial PR/IR	Tel: [phone]

Notes to Editors

About Hummingbird Resources Plc

Notes to Editors

Hummingbird Resources (AIM: HUM) is building a leading gold production, development and exploration company.  The Company has two core gold projects, the near-term production Yanfolila project in Mali and the Dugbe development project in Liberia.  Its current focus is on bringing Yanfolila, which has a 1.8Moz gold inventory, to production in H1 2016.  The high grade gold project has the potential to turn a profit in a varying gold price environment and will allow for quick returns with low operating costs.  A US$75 million debt facility has been agreed with Taurus Mining and mine construction is now underway with the aim of commencing production in H1 2016.

The 4.2Moz Dugbe project in Liberia provides Hummingbird with excellent development upside.  An optimisation of the DFS is on-going whilst Yanfolila is brought to production in the near-term.  Additionally, the Company has 5,000km² highly prospective exploration ground in Mali and Liberia and is constantly evaluating new quality assets.

For more information, please visit www.hummingbirdresources.co.uk

 

END

 

 

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